If unforeseen circumstances make it impossible or impractical to continue using the eased land for conservation purposes, the conservation can nonetheless be treated as protected in perpetuity if the restrictions are extinguished by judicial proceedings and all of the donee's proceeds from a subsequent sale of the property are used by the donee in a manner consistent with conservation purposes of the original contribution.

Indeed, gifting to groups that are not qualified donees has been identified as one of the key non-compliance issues revealed by the Political Activities audits undertaken over the past three years pursuant to the direction included in the 2012 Federal Budget.

There may be undisclosed consideration provided by the putative donee, either of a sort that the tax system would ordinarily not recognize (such as an agreement to refrain from profanity), (8) or of a sort that the tax system quite possibly would, ideally, account for, if the transaction were properly reported (such as an agreement to provide care to an elderly relative).

A qualified appraiser must not be the taxpayer, a party to the transaction in which the taxpayer acquired the property, the donee, an employee of any of the above, or any other person who might appear not to be totally independent.

2) The new section also contains reporting requirements relating to contributions of vehicles, which generally require the donor to substantiate the contribution with a contemporaneous written acknowledgment from the donee charity.

All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.